BOSTON, July 26, 2010 – Webster Bank, the main subsidiary of Webster Financial Corporation (NYSE: WBS), announced today that it is providing $2.8 million in financing for Cooperative Production (CO-OP) a nonprofit human services agency based in North Dighton, Mass. The financing package includes Webster’s purchase of $1.9 million in tax-exempt bonds from MassDevelopment and a $900,000 line of credit for working capital. Webster has also been named CO-Op’s primary bank.
"Webster Bank and MassDevelopment have become valued partners in CO-OP's mission to meet the needs of local citizens with disabilities,” said Bill Corbett, President and CEO of Cooperative Production. “With their financial support, we are able to provide a new and more spacious site for program services and will have the additional capacity to serve others in need."
“Co-Operative production is the third Massachusetts human services agency Webster has financed since the beginning of this year. It is always rewarding to help our clients meet their financial goals, and especially for a nonprofit organization such as Co-Op, which does so much to help our fellow citizens who have special needs.”
About Cooperative Production, Inc.:
Co-Op is a nonprofit organization dedicated to serving individuals with intellectual and other disabilities since 1972. Today, Co-Op provides a wide range of services and educational and training programs to more than 200 people in southeastern Massachusetts. For more information, visit the website www.co-op.cc.
About Webster
Webster Financial Corporation is the holding company for Webster Bank, National Association. With $18.0 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 181 banking offices, 500 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, Webster Capital Finance, Inc., an equipment finance company headquartered in Farmington, Conn., and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank. Member FDIC and equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.
Webster Media Contact: Brenda F. Greene (401) 644-6707 (mobile)
bgreene@websterbank.com
Webster Investor Contact: Terry Mangan (203) 578-2318
tmangan@websterbank..com